p–ISSN: 2723 - 6609 e-ISSN: 2745-5254
Vol. 5, No. 12, Desember 2024 http://jist.publikasiindonesia.id/
Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5863
Challenges and Opportunities in Fintech Adoption by Micro
Enterprises: A Case Study of Magelang, Indonesia.
Wahyu Agus Widadi1, Nindya Farah Dwi Puspitasari2*
Universitas Terbuka, Indonesia
Email: [email protected]
*Correspondence
ABSTRACT
Keywords: MSMEs;
financial technology;
micro business.
Technological advancements, particularly in the field of
Financial Technology (Fintech), play a significant role in the
sustainability of Micro, Small, and Medium Enterprises
(MSMEs). This study aims to assess the level of Fintech
utilization in MSME operations in Magelang Regency, with
a focus on Micro Enterprises. The research employs a
descriptive qualitative method, combining a literature
review with interviews and observations of several MSME
business actors. The findings reveal that while Fintech holds
the potential for supporting MSME growth, its adoption
among micro-businesses in Magelang remains limited.
Fintech is largely used as a supplementary tool rather than a
core component of business operations. To fully maximize
the utilization and benefits of Fintech in the Microbusiness
sector, MSMEs require guidance and outreach programs on
digital literacy and the practical application of Financial
Technology. Additionally, infrastructure support, such as
reliable internet connectivity, is essential to ensure access to
information across various regions.
Introduction
Along with the development of the era, the rapid development of technology has
resulted in significant updates in various fields. One of these updates can be found in the
economic sector, where technology has simplified and enhanced numerous economic
activities, making financial services easier and more efficient (Rahardja et al, 2019).
Technological advancements have given rise to financial services that integrate with
digital technology, producing innovative products. (Hadad, 2017) explains that the
emergence of a new phenomenon known as Financial Technology (Fintech), caused by
innovations that occur in the financial services industry, has been changing the world.
These advancements, particularly in Financial Technology (Fintech), are essential in
shaping the sustainability and competitive edge of Micro, Small, and Medium Enterprises
(MSMEs), especially in the increasingly digital economy. By utilizing information
technology, fintech has brought about significant changes in financial services, ranging
from electronic payments, peer-to-peer lending, and virtual investment, to personal
financial management.
Wahyu Agus Widadi, Nindya Farah Dwi Puspitasari
Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5864
The emergence of Fintech as a financial innovation provides good news for one of
the economic sectors, namely Micro, Small and Medium Enterprises (MSMEs). Law No.
20 of 2008 explains that MSMEs are a form of independent productive business whose
ownership is personal or individual business entities. MSMEs as one of the drivers of the
economy in Indonesia should also receive encouragement from the presence of Fintech.
For micro, small, and medium businesses that want to grow, fintech offers several options
in terms of financing or capital, payments, investments, and also marketing. Fintech is
expected to be more inclusive because of the many features offered by the Fintech
application (Winarto, 2020).
However, optimizing the role of Fintech in MSMEs will be passive if MSME actors
are not equipped with adequate understanding in utilizing the existence of Fintech.
Inadequate knowledge about digitalization will result in less effective and efficient use of
technology (Arumsari et al, 2022). Technological advances that are not balanced with the
development of human resources will not provide the effectiveness of the role of
technology. Thus, the role of digital literacy education and human resource development
is very important to realize superior product results that can compete in the digital
economy era.
The convenience of Fintech can be a solution to overcome capital and financing
problems that are often experienced by people in their businesses. However, the capital
offered by Fintech is not entirely a solution to overcome MSME capital. One example is
the Peer to Peer (P2P) Product more commonly called Pinjol. Although information
technology-based funding services offer many conveniences for the community (Aisah,
Rizkiawan, & Hermansyah, 2024), it is necessary to anticipate that peer-to-peer lending
products (online loans) can be misused for economic crime (Kristian, 2022). The
emergence of illegal capital service products has also become an issue that makes people
reluctant to use them. Therefore, the government needs to provide legal protection for
victims of economic crimes, so that limited access to Fintech can be minimized.
Not all MSMEs can benefit from or require the convenience of Fintech. For
example, Micro-Scale Enterprises do not play much role in Fintech in their business
because the target market and business implementation procedures are not appropriate
when adopting Fintech assistance. Studies on the role of Fintech on MSMEs in the
literature on suboptimal utilization require ongoing analysis. In general, previous studies
have emphasized the benefits of Fintech that will be provided to MSMEs if they play it
in their business activities as stated by (Rahardjo, Ikhwan, & Siharis, 2019) the use of
Fintech can provide effectiveness and efficiency in MSME business activities so that it
creates opportunities to advance the economy but is also accompanied by its challenges.
Ningsih (2020) in her research explains the importance of the role of Fintech for MSMEs,
Fintech is expected to be able to provide innovative potential for the growth of MSME
actors in Indonesia.
This research is crucial for enhancing the quality of MSMEs, particularly Micro
enterprises, which still encounter significant challenges in accessing Fintech. This
research aims to identify the key obstacles hindering micro-enterprises from fully
Challenges and Opportunities in Fintech Adoption by Micro Enterprises: A Case Study
of Magelang, Indonesia.
Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5865
integrating Fintech into their business operations and to propose actionable solutions.
This research is important to cover the shortcomings of previous research and as a
consideration for the Magelang Regency Cooperatives and Small and Medium
Enterprises Service in taking action to increase the growth of MSMEs in Magelang
Regency. The research will answer questions about what problems are faced by micro-
enterprise actors in utilizing Fintech for their businesses. To answer this question, the
authors will first discuss financial technology and its impact on MSMEs when they
incorporate Fintech into their operations. Following this, the authors will outline the
specific issues related to the limited adoption of Fintech in Micro Enterprises. Finally, an
analysis will be conducted to propose solutions to the challenges identified.
Method
The author applies a descriptive qualitative research method, which allows for a
deep understanding of the phenomena or conditions currently affecting the object of
study. Descriptive research aims to collect information related to conditions that reflect
the actual situation in the field (Hikmawati, 2017). This method is employed to obtain an
accurate and systematic picture of the observed conditions. Primary and secondary data
used in this study are sourced from data published by various government agencies, such
as the Financial Services Authority and the Magelang Regency Regional Government.
The analysis is further supported by reviewing previous articles related to the main issue
being analyzed.
Primary data were gathered through structured interviews with key stakeholders in
micro-enterprises and supplemented with direct field observations. The sample consisted
of 10 micro-business owners selected based on their varied levels of Fintech adoption.
These interviews provided authors with the opportunity to gain a comprehensive and
contextual understanding of respondents' experiences, opinions, and perceptions
regarding the research topics. Interviews were selected as a method to directly gather
information from MSME business actors, ensuring the reliability of the data used for
analysis. Observation was conducted to observe behaviors and situations relevant to the
study's focus.
Results and Discussion
The development of various thoughts in life is aimed at obtaining results in the form
of convenience in running life. Likewise, the development of technology is increasingly
skyrocketing by producing breakthroughs in innovation in various fields. The possibility
of technology has been proven by various outputs produced that can solve various
problems in human life. Technology is a bridge for humans that allows them to do or
fulfill various needs more effectively and efficiently. Nowadays, the role of technology
is becoming increasingly important and has become a basic need in various aspects
ranging from economics, transportation, communication, government, education, and
almost all. In the economic aspect, there is a synergy between technology and finance so
it gives birth to Financial Technology, which can be called Fintech.
Wahyu Agus Widadi, Nindya Farah Dwi Puspitasari
Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5866
(Fauji & Widodo, 2020) stated in their book "Financial Technology," the term
Fintech likely originated in the 1990s during discussions about innovation and the "Smart
Card Forum" alliance led by Citicorp chairman, John Reed. Traditionally, Fintech
encompasses various innovations in financial solutions, including capital, payments,
bookkeeping, marketing, and investment, all of which leverage the power of technology.
They provide digital wallets, peer-to-peer payment applications, and mobile payment
solutions that enable individuals and businesses to transfer money securely and with ease.
Fintech platforms and apps assist users in managing their finances more efficiently
(Gomber, Kauffman, Parker, & Weber, 2018).
In Indonesian Banking Regulation No.19/12/PBI/2017, Fintech is defined as
innovation in products, services, technology, and new business models that impact the
stability of the currency and financial system (Bank Indonesia, 2017). This involves
applying technology to create a more efficient, smooth, secure, and reliable financial
system, particularly in payment systems. Fintech combines financial services with
technology, allowing for the transformation of traditional business models into innovative
ones. Fintech encompasses a wide range of services including financing digital payments,
investment platforms, automated bookkeeping, and innovative marketing solutions, all of
which aim to improve operational efficiency and access to financial services for
businesses.
A study conducted by the Indonesian Fintech Association shows that most Fintech
companies in Indonesia are currently payment companies (44%), followed by aggregators
(15%), financing (15%), financial planning for individuals and companies (10%),
crowdfunding (8%), and others (8%) (Kusuma & Asmoro, 2020). In Indonesia, Fintech
can be classified into several types (Fauji & Widodo, 2020): Peer-to-peer (P2P) Lending
and crowdfunding, Investment Risk Management, Market Aggregator, and Payment.
P2P lending and crowdfunding are platforms that connect those in need of funds
with those who have funds or investors. These platforms are highly efficient because they
operate entirely online. KoinWorks, Modalku, Investree, and Amartha are examples of
Fintech P2P lending and crowdfunding products.
Investment Risk Management serves as a financial management tool that uses data
provided by users to facilitate financial management and planning. A Robo-advisor is one
type of Fintech that offers financial services through e-trading and e-insurance platforms.
These platforms use information technology to provide portfolio management services
automatically, relying on algorithms to help investors manage their finances and
investments.
An information technology service known as an aggregator integrates systems from
various online sources to collect and present information that provides added value to
consumers, allowing them to choose products or services according to their preferences.
Aggregators typically include a variety of information, financial advice, credit cards, and
investments. In this Fintech, users can obtain qualified information to help in making a
decision, among those included in this Fintech such as KreditGogo, Tunaiku, Cermati,
and Cekaja.
Challenges and Opportunities in Fintech Adoption by Micro Enterprises: A Case Study
of Magelang, Indonesia.
Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5867
Payment is an innovation in digitalizing the payment system by providing payment
system services through digital media such as smartphones. This type of Fintech embeds
information technology so that users can make financial transactions without going
through a bank intermediary face-to-face. This product is the most familiar and often used
by the public such as payment gateways and e-wallets. OVO, Gopay, Shopeepay,
LinkAja, DANA, Kartuku, and Doku are examples of products that fall into the
classification of this type of Fintech.
The development of Fintech implementation is driven by various factors that have
brought it to its current state. Masruil et al. (2022) explain that several key factors
contribute to the progress of Fintech, including the following factors:
1. Psychological Change: an increase in daily needs gives rise to a desire that is aimed at
meeting needs in a more practical way. This condition is one of the bases for the use
of fintech by the community with the aim of meeting needs practically and efficiently
and leaving behind the classic way.
2. Digital progress: Technological modernization is a shift from classical methods to
more innovative systems. This condition can provide convenience to the community
in carrying out various activities as the benefits provided by smartphones as one of
them.
3. Changes in trends: Changes and acceleration of trends in society are caused by rapid
and consistent development and innovation.
Decrease of Loyalty to Brands and Institutions: Brands and institutions do not
influence current consumer decisions to buy goods or services. Instead, they make
decisions to buy goods or services more carefully and quickly, especially for the
millennial generation.
4. Ease of access: The existence of open services and information systems makes
transactions easier to access. The development of access that begins with technological
advances opens up new opportunities.
5. Offering profitable products: If the product offers benefits, consumers will be
interested in buying it.
6. Government protection: The government implements a supervisory policy so that the
fintech industry can develop and advance. The Financial Services Authority (OJK) is
the body authorized in Indonesia to supervise fintech companies.
Moreover, The implementation of Fintech in Indonesia is regulated by the Financial
Services Authority (OJK) and Bank Indonesia (BI). These regulations aim to create a
healthy and sustainable Fintech ecosystem, protect consumers, and encourage innovation
in the financial sector. Fintech operators must comply with these regulations to operate
legally and reliably in Indonesia. Below are some of the main regulations governing the
Fintech sector:
1. OJK Regulation No.77/PJOK.01/2016 concerning Information Technology-Based
Lending and Credit Services.
2. OJK Regulation No.13/PJOK.02/2018 concerning Digital Financial Innovation in the
Financial Services Sector.
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Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5868
3. OJK Regulation No.18/PJOK.07/2018 concerning Consumer Complaints Services in
the Financial Services Sector.
4. OJK Regulation No.35/POJK.05/2018 concerning the Implementation of Venture
Capital Companies.
5. Bank Indonesia Regulation No.19/12/PBI/2017 concerning the Implementation of
Financial Technology.
6. Bank Indonesia Regulation No.20/6/PBI/2018 concerning the Implementation of
Electronic Money.
7. Bank Indonesia Regulation No.22/23/PBI/2020 concerning Payment Systems in
Indonesia.
8. OJK Circular Letter No.18/SEOJK.05/2017 concerning the Registration, Monitoring,
and Implementation of IT-Based Loan and Credit Services.
Micro, Small, and Medium Enterprises (MSMEs) are key drivers of the economy
in Indonesia. Hanim et al. (2022) describe MSMEs as independent, productive business
ventures undertaken by individuals or business entities across various economic sectors.
Furthermore, according to Law No. 20 Article 1 of 2008 concerning Micro, Small, and
Medium Enterprises (Indonesia, 2008), they are defined as follows:
A micro-enterprise is a productive business by individuals or entities with
maximum net assets of IDR 50,000,000 (fifty million rupiahs) excluding land and
buildings for business premises or a maximum annual income of IDR 300,000,000 (three
hundred million rupiahs).
A small enterprise is an economic business sector that stands independently and is
managed by individuals or entities but is not part of a branch of a company that is owned,
controlled or is a direct or indirect part of. Small enterprises have net assets exceeding
IDR 50,000,000 (fifty million rupiahs) to less than or equal to IDR 500,000,000 (five
hundred million rupiahs) excluding land and buildings for business premises, and have
an annual income exceeding IDR 300,000,000 (three hundred million rupiahs) and a
maximum of IDR 2,500,000,000 (two billion five hundred million rupiah).
A medium enterprise is an independent productive economic business managed by
individuals or entities but is not a subsidiary or branch of a company. Medium enterprises
have net assets exceeding Rp. 500,000,000 (five hundred million rupiah) and a maximum
of Rp. 10,000,000,000 (ten billion rupiah) excluding land and buildings where the
business is located. Medium enterprises have annual revenues exceeding Rp.
2,500,000,000 (two billion five hundred million rupiah) to Rp. 50,000,000,000 (fifty
billion rupiah).
The differentiation of each line of MSMEs can be traced based on their
characteristics. According to Hanim et al. (2022), each line of MSMEs has its
characteristics as follows.
Micro enterprises produce more flexible products because they can change, the
place of business is not yet fixed, financial administration is not yet or is still simple, their
finances are still one with personal finances, lack of entrepreneurial spirit, low level of
education, do not have optimal banking access, and do not have a business license.
Challenges and Opportunities in Fintech Adoption by Micro Enterprises: A Case Study
of Magelang, Indonesia.
Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5869
Small enterprises produce more consistent products, have a fixed place of business,
start implementing simple financial administration, separate business finances from
personal finances, start making business balance sheets, have legal permits and NPWP,
have an entrepreneurial spirit and entrepreneurial experience, have more adequate
banking access, but business management is not yet optimal.
Medium enterprises have more organized business management, are able to
implement more organized financial administration to facilitate auditing and other
financial examinations, implement employment regulations, have clear business legality,
have optimal access to funding sources, and have more educated and trained human
resources.
The development of MSMEs in Indonesia is one of the priorities in national
economic development. MSMEs are expected to be able to collaborate with the
government to empower MSMEs to improve the Indonesian economy. As a sector that
drives the economy, MSMEs are also able to absorb labor and help reduce the level of
unemployment in Indonesia. Data collected by the Indonesian Ministry of Cooperatives
and SMEs shows that MSMEs represent around 99.99% (62.9 million units) of all
business actors in Indonesia in 2017, and have helped absorb at least 97% of the existing
workforce.
The presence of Fintech will provide a role for MSME businesses in the process of
developing their businesses. The great potential that can be developed through MSMEs
by utilizing various technologies so that they can support various processes. Ningsih
(2020) explained that Fintech is not free from providing its role in the development of
MSMEs, through various types of services provided, Fintech can provide:
a. Source of financing
Peer-to-peer more familiarly known as online Loans provides innovation and
solutions for MSMEs who have difficulty accessing finance through banking and other
conventional financial institutions. This type of fintech can provide simpler and easier
access for MSMEs by providing digital or online-based financing loans without requiring
collateral and competitive interest.
b. Financial Accessibility
Continuously developed innovations have resulted in Fintech taking on its role in
solving the problems faced by MSMEs in accessing financial services. Fintech
contributes to providing easy, affordable access and optimizing the process through
reliable digitalization. Conditions like this can provide efficiency for MSME stakeholders
in their business operations. Fintech in financial inclusion has a role in facilitating access
to various types of financial services, reaching MSMEs in remote areas, providing fast
and easy business financing, and encouraging MSMEs and the local economy.
c. Contribution to improving financial understanding
Consumer convenience and security have encouraged MSME owners to use Fintech
to help their businesses. The increased use of financial products and services indicates an
increased financial understanding driven by the advancement of Fintech.
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Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5870
Digitalization cannot be fully implemented in the MSME business line, especially
in Micro Businesses for several reasons. The level of human resource quality is a classic
cause that still underlies the lack of digitalization in micro-business businesses. The use
of Fintech can provide benefits for business actors but has not touched all Micro business
activities. The majority of Fintech use by Micro businesses is limited to the payment
system, where they utilize digital payment technology such as the Quick Response Code
Indonesia Standard (QRIS) either with mobile banking, digital wallets, or other similar
Fintech products.
The availability of payment options using QRIS in certain areas, such as rural
regions, is an additional option because the primary payment system still relies on
conventional methods, particularly cash transactions. Besides location factors, the
relevance of marketing targets also influences business operators in determining their
payment systems. For instance, Yusuf, when asked about the use of Fintech in his
business, explained that as the owner of the agricultural shop "Mulia Tani," which targets
farmers, digital payments are not very helpful. He finds that traditional payment methods
are more effective, given that his customers are farmers in the village. A similar sentiment
was expressed by Mrs. Sulastri when asked about the role of Fintech in her food products
business.
In terms of capital financing, the difficulties faced by entrepreneurs who are just
starting their business are related to the difficulty of access that must be taken to obtain
capital from banks or cooperatives. Limited collateral and the inability to meet the
requirements submitted are factors that hinder it. The emergence of innovation in Fintech
in the capital and financing line which is more commonly known as Peer to Peer (P2P)
Landing offers ease in accessing capital. With simple requirements and without the need
for collateral, it can be a solution for entrepreneurs who have difficulty accessing capital
conventionally. In a press release issued by the Financial Services Authority or Otoritas
Jasa Keuangan (2023), it was stated that the outstanding P2P Lending financing in May
2023 was worth IDR 51.46 trillion and 38.39% of the outstanding portion was financing
for MSMEs. Otoritas Jasa Keuangan Regulation Number 77/POJK.01/2016 concerning
Information Technology-Based Money Lending Services (Fintech P2P Lending) states
that Fintech P2P Lending is one aspect of Financial Technology. Fintech P2P lending is
a systematic form of financial service provision that brings together borrowers and fund
owners (lenders) to make an electronic-based money lending contract (Kristian, 2022).
The increasing popularity of online loans and weak regulations have led to abuse
by some parties to take advantage of the losses of others. Losses will be incurred by the
emergence of illegal online loans, in addition to the fear of arbitrary collection and high
interest rates making micro-business actors reluctant to take advantage of online loans.
This was echoed by one of the decoration business actors. Bowo, the owner of the
"Madaharsa Dekorasi", engaged in the field of engagement decoration and weddings,
informed that when asked why he did not use P2P to obtain capital. He said that the high
interest rates and his fear of collection if he was unable to cover his loans. Besides, his
business which does not have orders every day, is another consideration for not taking
Challenges and Opportunities in Fintech Adoption by Micro Enterprises: A Case Study
of Magelang, Indonesia.
Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5871
advantage of online loans. This is in line with the study conducted by (Khafidloh,
Hermuningsih, & Maulida, 2021) also found that P2P had no insignificant effect on
MSMEs. Thus, the existence of P2P has not been able to take an optimal role in providing
an effective source of capital for MSMEs, especially micro-entrepreneurs.
Marketing media carried out by most MSMEs plays an important role in their
business activities. The sophistication of technology can be utilized by MSMEs to
increase their sales through digital promotional media. Utilizing social media as a means
of promotion has become a stage that is almost carried out by every MSME business
actor, it is possible for Micro entrepreneurs and newly released businesses. Because it is
effective and cheap, digital marketing is a popular strategy for increasing business,
accessible to anyone if they are connected to the internet. With the ease of internet
technology, business actors can get information about market conditions faster and easier
and communicate with relations more easily. In addition, the advantages of digital
marketing via the Internet are that it is faster, cheaper, and easier to communicate
(Arumsari, Lailyah, & Rahayu, 2022). The emergence of the Marketplace is an additional
option for MSMEs who want to market their products through digital media. Ease of
access and management will be a driver and is expected to be able to support the
development of MSMEs. However, digitalization requires every entrepreneur to be able
to understand how to utilize digital media in their marketing. Not all MSMEs can access
and utilize digital media as a means of marketing. Andi, a street sempol seller, said that
the presence of the marketplace has not been able to provide optimal benefits.
The presence of Fintech has played a role in the development of MSMEs in
Magelang Regency, and the various advantages offered can help optimize MSME
business activities. In its implementation, the presence of Fintech has not been able to
play its role in the MSME. Limited access to information technology and knowledge
underlies the cause of MSME actors, especially Micro businesses, not optimizing the role
of Fintech. In addition, minimal digital literacy, low levels of trust in data security, and
the cost of adopting technology are considered still high for some small business actors.
External conditions such as demand and market targets from MSMEs also influence
the role of Fintech. Customer demand can influence MSMEs to use Fintech or not, such
as a payment medium. In addition, the place of business and type of business also
contribute to the ineffectiveness of Fintech's role if played. Business locations located in
rural areas will prioritize using classic systems in running their businesses, such as in
payment media, bookkeeping, and marketing. This will be more effective than playing
Fintech, said Krisnawati, the owner of a catfish farm when met by the author on May 8,
2024. Farmers will be less involved in playing Fintech in their business than food
entrepreneurs, this condition only allows farmers to use m-banking as a payment medium
and social media as marketing support. On the other hand, food entrepreneurs can play a
role in digital-based payments, and marketing by collaborating with several parties such
as Go-Food, Grab Food, and Shopee Food, so that they will play a greater role in the
business.
Wahyu Agus Widadi, Nindya Farah Dwi Puspitasari
Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5872
Increasing digital literacy regarding Fintech and business development must be
done to grow MSMEs in Magelang Regency to be better. The need for mentoring facilities
for business actors is because there are still many limitations in various things in order to
improve their ability to operate their businesses so that they are able to compete with
similar products or businesses in the increasingly advanced digital era. The role of the
government through related agencies can be optimized to reach the smallest business lines
so that digital literacy and guidance in business development can be realized.
Conclusion
The role of Fintech in the business activities of MSMEs can be optimized if it is
properly integrated. The various benefits offered can help drive MSMEs toward more
significant growth. However, there are several factors that influence the successful
implementation of Fintech in MSME business operations. These factors include
knowledge, access to digitalization, business field compatibility, marketing targets,
consumer demand, and business processes.
The role of Fintech in MSME business activities can be significantly enhanced
through targeted digital literacy programs, infrastructure development, and tailored
financial products that cater to the specific needs of micro-businesses in rural regions. To
maximize the use and potential of Fintech in the micro-business sector, it is essential to
provide guidance and outreach programs that focus on digital literacy and the application
of Financial Technology to boost MSME businesses. The readiness of MSME actors,
particularly in the micro-business sector, forms the foundation for the digitalization
process and the successful implementation of Fintech in MSMEs. Additionally,
infrastructure support, such as equitable access to the Internet, is crucial to ensure access
to information in various regions. Further research is needed to explore the willingness
of MSME actors in Magelang Regency to adopt business digitalization and Fintech
advancements.
Challenges and Opportunities in Fintech Adoption by Micro Enterprises: A Case Study
of Magelang, Indonesia.
Indonesian Journal of Social Technology, Vol. 5, No. 12, Desember 2024 5873
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